On December eleventh 2001, China joined the realm exchange association (WTO). China and the lengthy March to worldwide Trade examines the lengthy negotiations top as much as this old occasion. This edited assortment assumes little earlier wisdom of the chinese language accession approach but offers an in-depth exam of the similar matters. it really is accordingly compatible for either those that require an creation to the sector and people with an present curiosity in China and the area alternate association.

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Additional info for China and the Long March to Global Trade: The Accession of China to the World Trade Organization

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Finally, the requirement for Judicial Review faces the basic problem that there is no separation of powers in the Constitution, and therefore no concept of an independent judiciary. As several Chinese legal experts have noted, Chinese tradition regards law as an instrument to maintain social discipline, not to limit the power of the state – rule by law not rule of law. There is no question that there is ongoing legal change in China and recognition by at least some officials of the need for further change to conform to the basic requirements of the WTO.

Rounds accession With the bilateral market-access negotiations nearing completion, WTO Members have shown renewed interest in wrapping up the many outstanding multilateral elements of the accession package. At the very least, three more substantive meetings of the Working Party are likely to be required to complete the draft Protocol, including its many annexes, and to prepare the draft Working Party Report. In anticipation of this work, and in recognition of the fact that much of the information China originally submitted to the Working Party – and more recently – is very incomplete or now out-of-date, the Chairman of the Working Party, Ambassador Pierre-Louis Girard of Switzerland, has requested China to submit updated information on all key aspects of China’s trade regime.

In addition, much discussion was undertaken to resolve the “grandfathering” granted to US insurer AIG. This heated issue involved the EU in some ways more so even than the Chinese. The issue arose because, while there was agreement that AIG’s currently 100 percent wholly owned Chinese subsidiaries would be preserved, it was disputed whether new wholly owned subsidiaries would be allowed or the general limitation of 50 percent foreign ownership would be invoked. In the end language that supported, conceivably, both the EU and the US was agreed on in the Report of the Working Party.